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PRIME MINERALS LIMITED - ASX: PIM
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Description
Prime Minerals Ltd has assembled a Western Australian focused portfolio of exciting exploration opportunities with exposure to uranium, gold, vanadium/titanium and iron ore. Company highlights include;
The Lake Mason Uranium project currently contains a pre-JORC target mineralisation of 374,000lbs of uranium oxide (U3O8) defined by aircore drilling. It is located 40kms to the southwest of BHP’s Yeelirrie Deposit which is the worlds largest calcrete uranium deposit containing 52,500 tonnes of U3O8. The opportunity exists to identify substantial uranium mineralisation within the Lake Mason drainage system.
The Barrambie Project contains numerous gold targets over 25kms of strike with current pre-JORC target mineralisation of 161,522t @ 3.34 g/t gold for 17,354 ounces. Barrambie contains structural similarities to Troy Resources’ nearby “Lord Nelson” gold mine.
The Barrambie Project also contains Vanadium/Iron Ore mineralisation. Excised from, but surrounded by, Prime Minerals’ tenement area is Reed Resources Limited’s JORC compliant Indicated and Inferred mineral resource of 39.2 Mt at an average grade of 0.49% vanadium pentoxide (V2O5) and 11.3% titanium dioxide (TiO2) and 22.3% iron oxide (Fe2O3) with a reported Net Present Value of A$379 million. Prime Minerals’ Barrambie Project includes 24km of highly magnetic sill and has the potential to host a significantly larger resource.
The Star of Mangaroon Gold Project includes what was historically the most productive gold mine in the Gascoyne with current pre-JORC target mineralisation of 46,500t @ 17g/t gold for 25,700 ounces and has several high grade targets scattered across a 14km strike. This under-explored project will be aggressively drilled by Prime.
The Dales Gorge and Tom Price Iron Ore properties have the potential to host iron mineralisation within channel iron deposits, with close proximity to railway and the Tom Price iron ore mine.
Mine For
uranium
Location of operation(s)
Western Australia
Address
800 Canning Highway
APPLECROSS, WA, AUSTRALIA
Phone
(08) 9315 1815
Website
http://www.primeminerals.com.au
Last Updated
03/03/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.